Pharma Stocks (DRG) Break Higher Today

Please see my blog entry from Monday April 18 here http://steadytrader.wpengine.com/are-pharmaceutical-stocks-about-to-rally-big/ Today the AMEX Pharmaceutical Index (DRG) is breaking out and higher above the $320 discussed on Monday.  Individual names like Pfizer (PFE) are acting well of course. This all goes in my theme of non-cyclicals/defensive stocks starting to outperform the broader tape, as discussed here: http://www.minyanville.com/businessmarkets/articles/sp500-utilities-consumer-staples-financial-sector/4/18/2011/id/34021

Where We Stand: A Look at S&P 500 Sectors and Industries

  The S&P 500 is currently battling it out with the most immediate support ($1275 – 1300) and resistance ($1345) levels on the daily charts.  While investor sentiment is skewed to the bull-side, among the more active types (hedgies and such) the view seems to be more two-sided.    As such I thought it would […]

Are Pharmaceutical Stocks About To Rally Big?

check out the chart on DRG (AMEX Pharma Index) and note the big multiyear resistance area at $320.  You can also pull up a chart on Pfizer (PFE) for example and note a similarly juicy long setup. In the daily newsletters I am discussing entry points and how to manage and trade around the position […]